Who would have thought that you could buy a share of GM stock for less than a gallon of gas? Last week the Dow Jones hit its lowest point in decades. People do not trust the markets or our leaders.
As Stephen M.R. Covey describes in his book, The Speed of Trust, when trust decreases, speed decreases and costs increase. Efficiencies are slower and it takes longer to accomplish things. This time plus additional expenses costs money and other opportunities.
Character and competence comprise trust he says. Both are in question now in our economy. Four core areas define credibility. Two reflect character and two reflect competence.
- Integrity: walking the talk.
- Intent: motives, your agenda.
- Capability: talent, attitudes, skills, style.
- Results: track record, getting the right things done.
Can you see a connection between these four areas and how they are impacting the economy?
Character and competence impact our ability to trust. How is trust affecting speed and cost in your organization?